Significantly more tourists compared to last year seem to have chosen Greece this year for their summer holidays. However, the increase in total tourism receipts is relatively small. And this is because the average per capita expenditure of tourists is lower. The cost of tickets and the fact that the cost crisis is affecting many countries means that visitors are leaving less money.
Figures
According to the data released by the Bank of Greece, the travel balance showed a surplus of 1.649 billion euros in May 2024, compared to a surplus of 1.605 billion euros in the corresponding month of 2023.
In particular, an increase of 6.8% was recorded in travel revenue in May 2024, totaling 1.935 billion euros, compared to 1.811 billion euros in the corresponding month of 2023, while a 38.5% increase was also observed in travel payments (May 2024: 285.8 million, May 2023: 206.3 million).
In this particular month, 21.3% more tourists visited our country than in May 2023.
However, the average spending per trip fell by 12.2%. Even so, total net revenue from the provision of travel services was up and offset by 47.8% the deficit in the goods balance, while contributing 87.3% to total net receipts from services.
January-May
In January-May, the travel balance showed a surplus of 2.691 billion euros versus a surplus of 2.372 billion euros in the corresponding period of 2023. An increase of 531.2 million euros (16.2%) was recorded in travel revenue, which amounted to 3.806 billion euros, while an increase of 212.6 million euros (23.6%) was also observed in travel payments, which amounted to 1.115 billion euros.
The rise in travel revenue was driven by a 20.6% increase in inbound travel traffic as average spending per trip fell by 3.6%. Net receipts from the provision of travel services offset by 18.0% the deficit in the goods balance and contributed 66.6% to total net revenue from services.
Higher spending per country
In May 2024, travel revenue rose 6.8% compared to the corresponding month of 2023. More specifically, revenue from residents of the EU-27 countries rose 10.5%, standing at 1,112.2 million euros versus 1,006.2 million euros in the corresponding month of 2023, as well as revenue from residents of other countries which increased by 0.8% (May 2024: 730.2 million euros, May 2023: 724 .8 million euros).
Higher revenue from residents of the EU-27 countries is the result of a rise 8.4% in revenue from residents of the euro area countries (May 2024: 957.3 million, May 2023: 883.2 million). euros), as well as revenue from residents of the EU-27 countries outside the eurozone, which amounted to 154.9 million euros, up 26.0%.
Travel revenue
Regarding the most important countries of origin of travelers in the eurozone, revenue from Germany decreased by 0.9% and amounted to 425.1 million euros, while revenue from France and Italy increased by 1.6% and 68.6% respectively to 155.4 million euros and 63.0 million euros.
Outside the eurozone, revenue from the United Kingdom showed an increase of 1.6% to 284.0 million, while revenue from the USA decreased by 9.0% to 155.7 million euros. Finally, travel revenue from Russia fell by 82.1% to 1.1 million euros.
